Abuja — The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has expressed support for the Federal Government’s recent decision to ban the importation of foreign goods produced locally, highlighting its potential to stimulate Nigeria’s economy. However, the association also called for careful implementation to prevent unintended negative impacts on the nation’s energy security and commodity availability.

Speaking to journalists in Abuja, PETROAN’s National President, Dr. Billy Gillis-Harry, praised President Bola Tinubu’s bold move. “This policy, if well-managed, can significantly boost local industries, increase job creation, and strengthen our economy. We commend the government for taking this crucial step toward promoting local content,” Gillis-Harry remarked.

He emphasized, however, that the government must approach the ban prudently, especially when it comes to essential and sensitive products like petroleum, pharmaceuticals, and other high-demand commodities. “Some products may not yet be produced locally at scale or may lack the necessary quality standards, which could lead to shortages or inflation,” he cautioned.

The association strongly recommended a phased approach, suggesting that critical goods such as petroleum products be gradually phased out from imports. “Given that Nigeria’s local refining capacity is still developing, abrupt restrictions could jeopardize energy supply and affordability,” Gillis-Harry explained.

PETROAN outlined several factors influencing the need for imports, including: Unavailability of specialized technology or expertise locally; Higher quality standards of imported goods; Economies of scale favoring imports.

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The association acknowledged the potential benefits of the import ban such as:

Boosting the Local Economy: Stimulating domestic production, creating jobs, and promoting local industries.

Reducing Trade Deficit: Less dependence on foreign goods can help narrow the trade imbalance and conserve foreign exchange.

However, PETROAN also highlighted significant challenges:

Risk of Shortages: If local production cannot meet demand, shortages of vital goods could occur.

Price Inflation: Limited imports may cause prices to rise, impacting consumers and economic stability.

Dr. Gillis-Harry emphasized energy security as a top priority, noting, “Our primary concern is ensuring the availability and affordability of petroleum products, which Nigerian consumers rely on daily. We must ensure that policies like this do not compromise our energy security, as such disruptions could have serious repercussions for our economy and the well-being of Nigerians.”

The association called for increased investment in Nigeria’s refining infrastructure and robust support for domestic industries to enhance competitiveness. “With strict compliance and strategic planning, the government can achieve its objectives without causing unnecessary disruptions,” Gillis-Harry said.